Reliance Industries Ltd (RIL), India's largest private sector company, reported a 40.5 percent sequential growth in consolidated net profit at Rs 14,894 crore for the third quarter of fiscal 2021 led by a revival in Oil To Chemicals and retail segments. The company had posted a net profit of Rs 10,602 crore in the previous quarter.
The oil-to-telecom conglomerate's consolidated revenue from operations during the quarter increased 6.7 percent to Rs 1,23,997 crore from Rs 1,16,195 crore, QoQ.
"At a time when the Indian economy is poised for a confident recovery, we at Reliance are humbled that we have been able to contribute to it with our Company's impressive performance in the third quarter of FY21. We have delivered strong operational results during the quarter with a robust revival in O2C and Retail segments, and a steady growth in our Digital Services business," said Mukesh Dhirubhai Ambani, Chairman and Managing Director, RIL.
RIL's Oil To Chemicals business segment revenues for Q3FY21 increased by 10.0 percent QoQ to Rs 83,838 crore primarily on account of higher volumes mainly in Transportation fuels, PTA and Polyester supported by improved product realization across Polymers, Intermediates and Polyester, the company said in a regulatory filing.
Segment EBITDA during the quarter improved by 10.3 percent QoQ to Rs 9,756 crore primarily on account of higher product sales and shifting of product placement from exports to domestic market.
On O2C basis, total throughput has increased from 16.8 MMT to 18.2 MMT on QoQ basis due to improved product demand in Q3 and scheduled shutdown taken in Q2.
Reliance has formally reorganized Oil-to-Chemicals (O2C) platform and has merged Refining and Petrochemicals businesses.
In December, Reliance Industries and BP started production from the R Cluster, ultra-deep-water gas field in block KG D6 off the east coast of India. Both are developing three deepwater gas projects in block KG D6– R Cluster, Satellites Cluster and MJ–which together are expected to meet around 15 percent of India's gas demand by 2023.
Read here: Jio Q3 profit beats estimates at Rs 3489 crore; ARPU crosses Rs 150 per subscriber
Reliance Jio delivered a strong performance during the December quarter, with consolidated profit rising 15.5 percent to Rs 3,489 crore and revenue up 5.3 percent QoQ to Rs 19,475 crore.
Average revenue per user (ARPU) during the quarter at Rs 151 per subscriber per month beat CNBC-TV18 poll estimates of Rs 149-150.
EBITDA grew by 6.4 percent QoQ to Rs 8,483 crore while EBITDA margin expanded 46 bps to 43.6 percent, QoQ.
Reliance Retail Ventures Ltd, the retail arm of Reliance Industries, reported revenue of Rs 37,845 crore in Q3 which declined by 7.9 percent compared to the previous quarter’s revenue of Rs 41,100 crore. EBITDA (earnings before interest, tax, depreciation and amortisation) for the quarter was Rs 3,087 crore, which came in higher by 53.9 percent compared to Rs 2,006 crore in the September quarter.
Net profit for the quarter was Rs 1,830 crore, which was higher by 88.1 percent. Cash Profit for the Mukesh Ambani-led company's retail arm for the quarter was Rs 2,482 crore higher by 76.3. During the quarter 327 stores were opened, with overall 12,201 physical stores operational across the country.
Overall footfall were at 75 percent of pre-Covid levels, at par with last quarter, the company said.
Read here: Reliance Retail Q3 revenue declines by 7.9 percent to Rs 37,845 crore
"The underlying operating margin (excluding the impact of the investment income) stood at 7 percent, coming in ahead of last quarter and same time last year. This was led by near doubling of Fashion and Lifestyle earnings, continued benefits from cost management initiatives and a boost from higher investment income of Rs 775 crore," Reliance said .
In November, Reliance Retail Ventures, the subsidiary of RIL, completed fund-raising of Rs 47,265 crore by selling a 10.09 percent stake in the company.
On Friday, the shares of Reliance Industries ended 2.30 percent lower at Rs 2,049.65 apiece on the BSE.
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